Proof of funds prior to viewing or bidding?

Cosle

So today I received an email from a well known large Real
Estate agency today after I inquired about a viewing in South Dublin.

I was informed, that as a result of the new government restrictions, they would require proof of funding prior to a viewing even occurring.

Has anyone else encouraged this? This seems highly unusual, not in the least because I haven't declared a bid so what level of funding do they wish to see? The asking price? Then if we bid higher, does this need to change? Obviously I am not keen to show them my ceiling in terms of buying price.

Never mind the GDPR implications of all these companies collecting all this information!

Mooooo

A letter from the bank saying ye are mortgaged approved would do I assume

Lexio7

We were house hunting during the last lockdown and were required to give this information to several estate agents we dealt with.

In our case we needed to show were approved plus our current property was listed for sale as our purchase was part of a chain sale.

TattooedLady

Cosle wrote: »

So today I received an email from a well known large Real
Estate agency today after I inquired about a viewing in South Dublin.

I was informed, that as a result of the new government restrictions, they would require proof of funding prior to a viewing even occurring.

Has anyone else encouraged this? This seems highly unusual, not in the least because I haven't declared a bid so what level of funding do they wish to see? The asking price? Then if we bid higher, does this need to change? Obviously I am not keen to show them my ceiling in terms of buying price.

Never mind the GDPR implications of all these companies collecting all this information!

We went looking at houses during the last lockdown and had to show we were approved in principal. It's to save wasting time as there can't be open viewings and therfore when viewings are done they need to insure they are taken up by genuine buyers.

JoeA3

This is the norm now and I think it’s a good thing. Weeds out the tyre kickers.

We’ve had a place on the market in the lead up to Xmas (now sale agreed) and the auctioneer insisted on a letter of mortgage approval from bank (or proof of funds) before arranging any viewings.

Interested Observer

If you are using a broker, we got a letter from ours for this purpose.

Pink11

You may aswell go and get AIP if you're looking or you could lose out on a property. And even to place a bid, we needed proof of funds i.e an AIP letter before it was accepted.

I went into the bank, got the AIP there and then and used that each time.

Eds

We screen printed our AIP with the amount redacted. When our bid was accepted we had to provide full details.

CruelCoin

Cosle wrote: »

So today I received an email from a well known large Real
Estate agency today after I inquired about a viewing in South Dublin.

I was informed, that as a result of the new government restrictions, they would require proof of funding prior to a viewing even occurring.

Has anyone else encouraged this? This seems highly unusual, not in the least because I haven't declared a bid so what level of funding do they wish to see? The asking price? Then if we bid higher, does this need to change? Obviously I am not keen to show them my ceiling in terms of buying price.

Never mind the GDPR implications of all these companies collecting all this information!

I had this back in November, estate agent wanted proof of mortgage approval prior to viewing.
Sent him a redacted scan of the approval letter, with amount approved, etc blacked out.

They're not looking for much more than proof you're actually a prospect and not just a tire kicker.
Send a redacted letter. Should satisfy him.

stampydmonkey

As above. Redact the personal info (except your names) and redact the approval amount. They were all happy with this

Cosle

Thanks for the advice guys, will get that sorted for them.